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1.It is often said that a good theory is one that can be refuted by an empirical, data-oriented study. Explain why a theory that cannot be evaluated empirically is not a good theory.
2. Which of the following two statements involves positive economic analysis and which normative? How do the two kinds of analysis differ?
a. Gasoline rationing (allocating to each individual a maximum amount of gasoline that can be purchased each year) is poor social policy because it interferes with the workings of the competitive market system.
b. Gasoline rationing is a policy under which more people are made worse off than are made better off.
What price would Soft Rock have to charge to sell 2,000 T shirts? Compute the own price elasticity of demand when the price goes from $5 to $4.
There is a debate about whether sterile hypodermic needles should be passed out free of charge in cities with high drug use. Proponents argue that doing so will reduce the incidence of diseases, such as HIV/AIDS, that are often spread by needle shari..
Suppose the market demand function (expressed in dollars) for a normal product is P=80-q, and the marginal cost (in dollars) of producing it is MC=1q, where P is the price of the product and q is the quantity demanded and/or supplied.
Determine the impact of tariffs and quotas on international competition and discuss two recent examples and how it effected your employer's industry.
Which of the following is a kind of decision that can be made at margin. whether to hire new workers or not ,whether to go on vacation or not or else.
How might prohibitions on advertising affect the cigarette industry in the short run, and in the long run using a Prisoner's Dilemma sort of argument.
The government should provide such goods as health care, education, and highways because it can provide them for free.” Is this statement true or false
One of the partners favors moving downtown because she believes the additional business gained by moving downtown will exceed the higher rent at the downtown location plus the cost of making the move.
Is current U.S.Monetary Policy expansionary or restrictive?Do YOU think that current U.S. Fiscal and Monetary policies should be expansionary or contractionary? Briefly indicate why YOU think this way.
Identify the fallacy in the following discussion: "The effect of an excise tax on a commodity might seem at 1st sight to increase the value that buyer pay.
The price of apple juice decreases, and the wage rate paid to orange grove workers increases-equilibrium price_________equilibrium quantity________
Following are observations on the market price and the quantity of good X produced and consumed in three different years: $10 and 100 units, $4 and 57 units, and $8 and 88 units. Can we conclude that the market demand for X slopes upward
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